Mubasher: Bahrain’s Al Baraka Banking Group posted Sunday a 6.2% increase in net profit for the fourth quarter of 2015 to $72,200 (BHD 27,000), from $68,000 (BHD 25,500) in the prior-year period.
The group’s FY15 net income amounted to $286.2 million (BHD 107.2 million), up 4% year-on-year from $274.77 million (BHD 102.9 million) in FY14.
The bank’s board of directors proposed the distribution of cash dividends for FY15 at 2% of paid-in capital, or 2 cents per share, as well as bonus shares at 3% of paid-in capital or 3-for-100.
The group earlier distributed cash dividends at 3 cents per share, or 3% of stock par value, and bonus shares at 2% of paid-in capital, or 1-for-50 for the fiscal year 2014.
"The year 2015 witnessed an increase in the difficult economic and political conditions regionally and globally, especially during the second half of the year with the China reduced the value of its currency, which sparked off fears of the prospects for the global recovery, and extended oil losses, while the security tensions continued in the region and generated an extremely cautious environment for banks. Therefore we are very proud to see continuing growth in the revenue and business of Al Baraka Banking Group, and further elevation in its regional and global standing,” said Chairman Saleh Abdullah Kamel.
